Snapshot / Summary of Key Amendments to CIRP Regulations
5 July 2018
MODEL TIME-LINE FOR THE CORPORATE INSOLVENCY RESOLUTION PROCESS
The IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 has introduced a model time-line for the corporate
insolvency resolution process (“CIRP”) as per the provisions of the Insolvency and Bankruptcy Code, 2016 and the IBBI (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016. The said time-line assumes that the interim resolution professional is appointed on the date of the commencement of the
CIRP.
For the purposes of the time-line, the following abbreviations have been used: AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate
Insolvency Resolution Process; COC: Committee of Creditors; EOI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional;
RA: Resolution Applicant; RP: Resolution Professional; and RFRP: Request for Resolution Plan.
SECTION /
REGULATION
DESCRIPTION OF ACTIVITY
NORM
LATEST TIMELINE
Section 16(1)
Commencement of CIRP and appointment of
IRP
-
T
Regulation 6(1)
Public announcement inviting claims
Within 3 Days of Appointment of IRP
T+3
Section 15(1)(c) /
Regulations 6(2)(c) and
12 (1)
Submission of claims
For 14 Days from Appointment of IRP
T+14
Regulation 12(2)
Submission of claims
Up to 90th day of commencement
T+90
Regulation 13(1)
Verification of claims received under
regulation 12(1)
Within 7 days from the receipt of the claim
Regulation 13(2)
Verification of claims received under
regulation 12(2)
Section 21(6A) (b) /
Regulation 16A
Application for appointment of AR
Regulation 17(1)
Report certifying constitution of COC
Section 22(1) /
Regulation 19(1)
1st meeting of the COC
T+21
T+97
Within 2 days from verification of claims
received under regulation 12(1)
T+23
T+23
Within 7 days of the constitution of the COC,
but with seven days’ notice
T+30
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Snapshot / Summary of Key Amendments to CIRP Regulations
5 July 2018
SECTION /
REGULATION
DESCRIPTION OF ACTIVITY
NORM
LATEST TIMELINE
Section 22(2)
Resolution to appoint RP by the COC
In the first meeting of the COC
Section 16(5)
Appointment of RP
On approval by the AA
Regulation 17(3)
IRP performs the functions of RP till the RP is
appointed.
If RP is not appointed by 40th day of
commencement
T+40
Regulation 27
Appointment of valuer
Within 7 days of appointment of RP, but not
later than 40th day of commencement
T+47
Submission of application for withdrawal of
application admitted
Before issue of EOI
W
COC to dispose of the application
Within 7 days of its receipt or 7 days of
constitution of COC, whichever is later.
W+7
Filing application of withdrawal, if approved by
COC with 90% majority voting, by RP to AA
Within 3 days of approval by COC
W+10
RP to form an opinion on preferential and
other transactions
Within 57 days of the commencement
T+75
RP to make a determination on preferential
and other transactions
Within 115 days of commencement
T+115
RP to file applications to AA for appropriate
relief
Within 135 days of commencement
T+135
Submission of IM to COC
Within 2 weeks of appointment of RP, but not
later than 54th day of commencement
T+54
Within 75 days of commencement
T+75
Section 12(A) /
Regulation 30A
Regulation 35A
Regulation 36 (1)
T+30
-
Publish Form G
Regulation 36A
Invitation of EOI
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Snapshot / Summary of Key Amendments to CIRP Regulations
5 July 2018
SECTION /
REGULATION
Regulation 36B
DESCRIPTION OF ACTIVITY
NORM
LATEST TIMELINE
Submission of EOI
At least 15 days from issue of EOI (Assume 15
days)
T+90
Provisional List of RAs by RP
Within 10 days from the last day of receipt of
EOI
T+100
Submission of objections to provisional list
For 5 days from the date of provisional list
T+105
Final List of RAs by RP
Within 10 days of the receipt of objections
T+115
Issue of RFRP, including Evaluation Matrix and
IM
Within 5 days of the issue of the provisional
list
T+105
T+135
Receipt of Resolution Plans
At least 30 days from issue of RFRP (Assume
30 days)
As soon as approved by the COC
T+165
Regulation 39(4)
Submission of COC approved Resolution Plan
to AA
Section 31(1)
Approval of resolution plan by AA
T=180
-
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